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Allianz Ayudhya Capital Public Company (AYUD) Fair Value & Analysis

Financial Services · TH · Market cap 16.3B THB

AA Allianz Ayudhya Capital Public Company AYUD · BK
Price43.25 THB
Fair Value84.00 THB
Upside+94.2%
Quality75/100
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Expensive Growth
Highly profitable · 20.6% net margin
generates free cash flow
5.59% dividend yield
Ranks above peers (10/13)
Wide moat 73/100
Evidence: High Range 62.99 THB – 105.00 THB Share as image

Fair value as of: Jul 18, 2026

From 6 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 79.00 THB to 84.00 THB (+6.3%) since Jun 26, 2026. Share price +8.1% over the past month.

A strong business, screening 94% undervalued on our models.

What matters now

  • The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (62.99 THB). The market is more pessimistic than our downside scenario.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

44.00 THB 22.57 THB Fair Value 84.00 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 22.57 THB – 44.00 THB · fair‑value band 62.99 THB – 105.00 THB · the 43.25 THB price screens below the 84.00 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Allianz Ayudhya Capital Public Company (AYUD) currently trades at 43.25 THB, while our model-based Fair Value estimate is 84.00 THB, implying the stock looks roughly 94.2% undervalued today. The Quality Score stands at 75/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Allianz Ayudhya Capital Public Company generated revenue of 13.4B THB at a net margin of 20.6%. Revenue grew 3.9% year over year. It earns a return on equity of 20.6%. The balance sheet holds a net cash position of 2.0B THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 62.99 THB (bear case) to 105.00 THB (bull case); at 43.25 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 8% fair-value upside, at 94%, AYUD screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 44.17 THB 58.14 THB 205.01 THB 76
Gordon GGM 21.30 THB 44.29 THB 70.26 THB 70
P/E Multiple 65.01 THB 86.69 THB 108.36 THB 63
All 6 models by family
Dividend Discount
Gordon GGM 21.30 THB 44.29 THB 70.26 THB 70
DDM Multi-Stage 21.30 THB 37.35 THB 46.48 THB 61
Multiples
P/E Multiple 65.01 THB 86.69 THB 108.36 THB 63
P/B Multiple 39.53 THB 52.71 THB 65.88 THB 55
Asset-Based
NCAV (Graham) 18.82 THB 25.22 THB 37.65 THB 50
Economic Profit
Residual Income 44.17 THB 58.14 THB 205.01 THB 76

Widest divergence: Economic Profit (58.14 THB) versus Asset-Based (25.22 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 13.4B THB
Revenue growth (YoY) +4.5%
Net margin 20.6%
Return on equity 20.6%
Free cash flow 89.1M THB FY2025
P/E ratio 5.9
More key figures
Operating margin 27.3%
EPS (TTM) 7.12 THB
Dividend yield 5.6%
EPS growth (YoY) +24.9%
Net cash 2.0B THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 70 · Market factors (momentum, volatility) 84

Profitability 68
Margins and returns on capital today
Quality Growth 95
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 90
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Allianz Ayudhya Capital Public Company Limited, an investment holding company, provides non-life insurance products in Thailand. It operates through three segments: Non-Life Insurance Business, Investment Business, and Service Business. The company offers fire, marine, motor, health and personal accident, and miscellaneous insurance products.

Full company description

Allianz Ayudhya Capital Public Company Limited, an investment holding company, provides non-life insurance products in Thailand. It operates through three segments: Non-Life Insurance Business, Investment Business, and Service Business. The company offers fire, marine, motor, health and personal accident, and miscellaneous insurance products. It also provides health services, as well as engages in the investment and service businesses. The company was formerly known as Sri Ayudhya Capital Public Company Limited and changed its name to Allianz Ayudhya Capital Public Company Limited in April 2019. Allianz Ayudhya Capital Public Company Limited was incorporated in 1950 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Allianz Ayudhya Capital Public Company reported revenue of 10.8B THB in FY2025 versus 4.3B THB in FY2021, a compound +25.5%/yr. Reported net income was 2.6B THB in FY2025, compounding +20.5%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
10.8B THB
Latest YoY
+18.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.6%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.6%
Revenue +25.5%/yr
FY21 4.3B THB
FY22 7.0B THB
FY23 8.7B THB
FY24 9.1B THB
FY25 10.8B THB
Net income +20.5%/yr
FY21 1.2B THB
FY22 1.0B THB
FY23 933M THB
FY24 715M THB
FY25 2.6B THB
Character of growth · EPS growth decomposed (2014-2025) −1.6 % p.a.
Revenue per share +8.7 pp

of which total revenue +14.2 pp · buybacks/dilution −5.5 pp

EBIT margin −10.6 pp
Tax rate +1.2 pp
Residual (interest, one-offs) −1.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Allianz Ayudhya Capital Public Company Fair Value". https://www.fairvalue-calculator.com/stock/AYUD

Peer Group

Insurance - Property & Casualty · 120 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 76 · Top 25%
Fair Value upside +94% · Top 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 21% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 5% · Below median
Dividend yield (TTM) 5.6% · Top 25%

Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper

P/E (TTM) 5.9× · Cheaper than 75% of peers
P/B 1.12× · Cheaper than median
P/S (TTM) 1.22× · Pricier than median
P/FCF 5.5× · Pricier than median
EV/EBITDA 4.9× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 42
FUTURE 23 · sector 31
PAST 82 · sector 56
HEALTH 0 · sector 92
DIVIDEND 100 · sector 48

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
The Progressive Corporation PGR $234.48 $252.50 +8%
Chubb Limited CB $337.44 $345.56 +2%
The Travelers Companies, Inc TRV $368.98 $384.42 +4%
The Allstate Corporation ALL $251.61 $503.22 +100%
The People's Insurance Company 601319 ¥7.06 ¥13.71 +94%
Intact Financial Corporation IFC C$294.02 C$247.44 -16%
Fairfax Financial Holdings FFH C$2,327 C$3,252 +40%
QBE Insurance Group QBE A$25.47 A$19.42 -24%
Samsung Fire & Marine Insurance Co 000810 648,000 KRW 658,771 KRW +2%
Powszechny Zaklad Ubezpieczen SA PZU 69.80 PLN 100.85 PLN +44%

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Frequently asked questions

Is Allianz Ayudhya Capital Public Company (AYUD) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 84.00 THB versus a price of 43.25 THB, about +94% (undervalued).
What is the fair value of AYUD?
Our model-based fair value for Allianz Ayudhya Capital Public Company is 84.00 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 43.25 THB.
What is the quality score of AYUD?
Allianz Ayudhya Capital Public Company has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Allianz Ayudhya Capital Public Company (AYUD)?
Allianz Ayudhya Capital Public Company reported trailing-twelve-month revenue of about 13.4B THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of AYUD?
The net profit margin of Allianz Ayudhya Capital Public Company is about 20.6%, meaning it keeps roughly 20.6% of revenue as net income. Based on the latest reported figures.
Does Allianz Ayudhya Capital Public Company pay a dividend?
Allianz Ayudhya Capital Public Company currently shows a dividend yield of about 5.87% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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